GCITekcapital says new Salarius appointments will drive MicroSalt® growth
(TEK ) portfolio company Salarius has announced two new senior appointments to accelerate commercial growth of Microsalt®.
Eduardo Souchon- V.P. of Business Development
Eduardo Souchon boasts a 20-year track record in taking businesses focused on snacks (Pringles®), health related products and office supplies to breakthrough financial and market success in the CPG and retail industry, Tekcapital said.
The UK intellectual property investment group said Eduardo has “significant experience” in brand building, innovation, and strategy with Procter and Gamble and Office Depot.
Jay Shah, M.D. as Medical Advisor.
Meanwhile, Dr Jay Shah, M.D., who is joining Salarius as a Medical Advisor to the Group’s science advisory board holds more than a decade of experience in cardiovascular medicine.
Tekcapital highlighted that Shah currently serves as a senior associate consultant with the Mayo Clinic as well as the role of assistant professor at Mayo Clinic Alix School of Medicine.
“MicroSalt is poised to be part of a larger solution to reducing our consumption of sodium and the negative health consequences associated with our excessive intake of salt,” said Dr Shah.
“Souchon’s experience managing one of the largest snack food brands in the world and Dr. Shah’s knowledge as a cardiologist, together should enhance the future growth and development of MicroSalt,” commented Victor Hugo Manzanilla, CEO of MicroSalt.
MicroSalt develops the low-sodium salt called MicroSalt®. Its distinguishing feature is its small, salt particles-- about one hundred times smaller than typical table salt-- that use a large surface area-to-volume ratio to generate a salty taste while using significantly less salt.
According to the World Health Organisation (WHO), foods high in sodium are known to cause severe health disorders. According to data from Market Data Forecast, several studies have found that Americans and Canadians consume around 3,400mg of sodium per day.
Decreasing the public’s sodium intake would also aid the efforts to curtail heart disease, which according to the British Heart Foundation, causes more than a quarter, 27%, of all deaths in the UK alone; that's more than 160,000 deaths each year – or one death every three minutes.
Research by Queen Mary University of London has shown that England's salt reduction programme which was first established in 2003 will have led to nearly 200,000 fewer adults developing heart disease and around £1.64 billion of healthcare cost savings by 2050.
In fact, if the WHO recommended salt intake of 5 grams/day is achieved by 2030 in England, these benefits could double, preventing a further 213,880 premature cardiovascular disease cases and further health and social care savings to the UK government of £5.32bn, it said.
Lead researcher, Professor Borislava Mihaylova from Queen Mary University of London said: "Our results are striking because of the large health benefits that we see with an effective government policy of reducing salt in everyday food products.
"Over the last few years, quantities of salt in diets have remained steady at levels much higher than recommended. If we can reduce our salt intake to the recommended 5g per day, we will double health benefits and healthcare savings by the year 2050."
According to Market Data Forecast, the global sodium reduction market size was worth $1.1bn in 2020, and it is estimated to reach a value of $1.62bn by the end of 2025. That’s representative of an expanded annual compound rate of 11.5% between 2020 and 2025.
Tekcapital owns 97.2% of the share capital of Salarius and 87.1% of Microsalt Inc. Shares in the TEK have risen by nearly 70% since the start of November 2020 with a pre new money valuation of US$5m for Microsalt providing investors further upside potential for the shares.
Reasons to TEK
Tekcapital’s mission is to create value from university Intellectual property that is ready for mass markets:
• TEK has the World’s largest network of University IP
• TEK enables rapid value creation with market ready technology selection
• Multi-Year track record of significant revenue and net-asset growth
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